Dollar Under Pressure as Inflation Data Reduces Expectations for Interest Rate Hikes
The dollar’s value has declined against the major currencies following inflation data that was lower than expected, with the dollar index falling to 100.81 after a drop of about 0.35%. Expectations for interest rate hikes began to reflect these trends. Focus shifted to the slowdown in inflation in the United States, which decreased to 3.5% annually in June. In the Gulf region, oil prices resumed their upward trajectory to monthly levels, driven by escalating tensions in the Middle East, which led to a naval blockade of Iranian ports and increased U.S. strikes against Iranian capabilities in the Strait of Hormuz.
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